Watching Goldman Sachs take over the world...

Guess what law goes into effect the same exact year oil is supposed to hit $5 a gallon? OMFG, you guessed it! A law allowing Goldman Sachs to buy 25% of all oil on the market.

Here we go round the mulberry bush....

Teaching good sex. Will no one think of the children?!1!??

Speaking of children. Taking them to Occupy Los Angeles. But in Portland, watch out for the police.

The next financial crisis. Or signs of hope.

San Francisco

Canada's money has gone plastic.

Might as well declare game over. Goldman Sachs has won the Capitalism Game. Can we start a different game now?

Making money by making more prisoners fills the coffers of private prisons, our very own concentration camps.

Don't know much 'bout economy...

But should I be worried?:

Cost of the Bush tax cuts.

Don't know much 'bout geography... of the US or the world (via Marcellina of The Practice Room).

Buy it now!! One for the price of two!!11!

Such a deal! You won't regret it!

Could you repeat that?

They really really really don't want to tell us anything ..... delay delay what was that? delay....

Banksters all.

Update: and they really aren't sorry for anything. I can see why... they played the game of Capitalism to the finish. They followed all the rules. And they won. They are sitting on everybody's money.

So why should they feel bad?

Bits and bytes

Rate your lawmaker.

California voting issues.

Andre Bauer: 'Flat-Out Lazy' People Are The Real Cause Of The Immigration Problem

Dick Cheney rises from the dead.

Tom Tomorrow takes on Glenn Beck.

Goldman Showers ... the title of our new era. (via trifecta in comments)

The Guys from Government Sachs

Robert Scheer:

The people I want to know more about are the superrich who expect to be rewarded for their failures, like the folks at Goldman Sachs who will receive $16.71 billion in bonuses—an average of $530,000 per employee—this year after their company did as much as any to bring the world economy to the brink of disaster.

“The Guys from Government Sachs” is what The New York Times once called them in recognition of their chokehold on the federal government. Their power is marked by the two treasury secretaries who led the fight to legally enable and then reward Wall Street for its obscene excesses. Why wasn’t there a CNN stakeout at the homes of former Goldman-execs-turned-treasury-chiefs Robert Rubin and Henry Paulson aimed at finding out how they feel about the almost $7 billion profit that Goldman Sachs made in the last two quarters in the wake of the government’s bailout of the firm?

They were both deeply involved last fall, along with Rubin protégé and current Treasury Secretary Timothy Geithner, then head of the New York Fed, in saving Goldman as archrival Lehman Brothers was forced to go belly up. As opposed to Lehman, Goldman was allowed to change its status and become a commercial bank qualifying for Federal Reserve and TARP funding. Goldman received $10 billion in immediate bailout funds, and we are supposed to be grateful that the company has paid it back in return for an end to any pretense of government control over its executive compensation. The additional cool $12.9 billion that Goldman received from the government as a pass-through from the bailout of AIG to cover Goldman’s toxic paper is money the investment bank has no intention of ever paying back.

Read the rest. Nothing that you didn't know, but seeing it nicely condensed is always ... mindboggling.

Compare and contrast

These headlines on the same day:

• Goldman Sachs Vice-Chair: People Must “Tolerate the Inequality”

• Losing their lifeline - 7,000 a day As the Senate debates whether to extend unemployment benefits, more than 200,000 jobless Americans are set to see their checks stop in October.

And how about this little gem?

• Saudis redefine chutzpah: After decades of overpricing, and with trillions of dollars in future revenues, they want aid if world cuts oil use in climate deal

But look at what a little adroit diplomacy will get you:

• Steve Benen of the Washington Monthly:

Marc Ambinder asked, "Has Sen. John Kerry ever had as good a press cycle?"

Indeed, most of the stories devoted to Kerry have the exact same analysis: Kerry was reluctantly thrust into the role of negotiator. Kerry developed Karzai's trust. Kerry had the diplomatic skills that current ambassador Karl Eikenberry lacked. Kerry's importuning proved to be the turning point. Oh, and it compares favorably to Kerry's brokering of a dialog between the U.S. and Syria earlier in the year.

The Boston Globe called it a "triumph" for Kerry -- his biggest accomplishment since the presidential race. The Wall Street Journal, along with many other publications, noted that Kerry used his own experience in 2004 to establish a better bond with Karzai.

And in case there are any doubts, these developments do not point to tensions between Kerry and Secretary of State Hillary Clinton. Just the opposite -- David Rogers reported that the two worked together on this: "Clinton, as secretary of state, helped clear the way with a long call to Karzai but also gave Kerry the room to run. And the result -- Karzai's agreement to hold a runoff election next month -- was a joint triumph for the onetime rivals."

Have I mentioned lately how nice it is to have grown-ups in positions of governmental authority again?

Amen!

And President Obama does a good thing:

• WASHINGTON – President Barack Obama on Thursday signed into law a measure designed to keep funding for veterans' medical care steady amid future budget negotiations.

While EX-Vice President Dick Cheney shoots his mouth off and gets a reaction:

• Retired General Paul Eaton, senior adviser to the National Security Network, has hit back hard at Dick Cheney a day after the former vice president criticized the Obama administration again for "dithering while America's armed forces are in danger." In a speech Wednesday night, Cheney said, "President Obama now seems afraid to make a decision, and unable to provide his commander on the ground with the troops he needs to complete his mission." In an NSN press release, Eaton empties his chamber:

  The record is clear: Dick Cheney and the Bush administration were incompetent war fighters. They ignored Afghanistan for 7 years with a crude approach to counter-insurgency warfare best illustrated by: 1. Deny it. 2. Ignore it. 3. Bomb it. While our intelligence agencies called the region the greatest threat to America, the Bush White House under-resourced our military efforts, shifted attention to Iraq, and failed to bring to justice the masterminds of September 11.

Wow.

It's WTF Tuesday!

Soldier: Obama not U.S. born, can't send me to Afghanistan:

MACON — U.S. Army Maj. Stefan Frederick Cook is seeking a federal court order to stall and eventually prevent an upcoming deployment to Afghanistan.

In the 20-page document — filed July 8 with the United States District Court, Middle District of Georgia — Cook's California-based attorney, Orly Taitz, asks the court to consider granting his client's request based upon Cook's belief that President Barrack Obama is not a natural-born citizen of the United States and is therefore ineligible to serve as commander-in-chief of U.S Armed Forces.

Major Cook is very brave to bring attention to the fact that he wasn't paying attention in history class. Hawaii isn't part of the United States but one of those weird island nations filled with exotic natives and stuff, apparently.

Why didn't soldiers think of this excuse with Bush? "He wasn't elected but selected, so doesn't have the right to send me to his Neocon war of choice." That excuse would at least been based on the truth!
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That's a lot of fake brake repairs....

Rarely do stories generate the kind of consumer response that The Bee received after the state attorney general's office sued a Modesto businessman and his 22 Midas Automotive Service franchises.

The civil lawsuit, which seeks $222 million in penalties, claims the shops owned by Maurice "Mike" Irving Glad used false advertising and fraudulent business practices to sell consumers unnecessary parts and services. The case stems from a four-year investigation and 30 undercover sting operations.

For his part, Glad says he was the victim of overzealous enforcement by the state Bureau of Automotive Repair that was designed to deceive his mechanics. He defended his business practices and workers, vowing to fight the lawsuit aggressively.

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Chan Akya of The Asia Times digs a hole trying to explain why he took offense to Krugman's ... use of slang which makes his economic theories all wrong?

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Ya give a kid a credit card....

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Speaking of money, we'd like to see this corporation's uncooked books:

US bank Goldman Sachs reported a net profit of $3.44bn (£2.1bn) for April to June, beating analysts' forecasts.

Less volatility in stock markets, rises in global share prices and involvement in many firms' rights issues and takeovers had boosted profits, it said.

The bank said it had set aside $6.65bn for pay and bonuses in the quarter - an average of $226,000 per employee.

Goldman has recently paid off $10bn of government loans it had taken as part of a government bail-out programme.

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But lead is a natural substance... and makes you feel full!:

A new study by Consumer Lab found that many multivitamins contain potentially dangerous levels of lead, and many did not contain the vitamins and minerals their labels proclaim.

[snip]

Almost no vitamins were found to be free of lead, according to the Sacramento Bee (the study results are by subscription only). Indeed, lead-free may be an impossible goal because fruits and vegetables absorb lead from soil and water.

What's a person to do? Your best bet is to buy a well known brand and look for a stamp on the bottle from USP, NSF or Consumer Lab.com. Living in California helps, because our state is the only one to regulate vitamins. By California law, 15 percent of the vitamins evaluated ought to carry a warning label.

Goldman Sachs is in the news

Matt Taibbi:

THE GREAT AMERICAN BUBBLE MACHINE

From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression - and they're about to do it again.

And a wonderful reaction to Taibbi's article by Stephen Foley of The Independent:

Perhaps you have heard by now that Goldman Sachs is "a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money".

It is the opening line of a piece in Rolling Stone magazine, which has been zinging around the email inboxes of Wall Street for the past few days, and which has got Goldman's tentacles all a-twitching with fury.

Matt Taibbi's piece is a rip-roaring read, obviously. It goes over well-trodden ground, listing all the Goldman alumni in positions of power in governments and at regulators around the world (or not listing them actually, since that would be "absurd and pointless, like trying to make a list of everything"), and then accuses the bank of using its influence to get government out of the way so that it can inflate all the recent investment bubbles, from dot.com stocks, through oil prices, to the biggest one of all, the US housing bubble.

In keeping with the hyperbole of the row, Goldman's wonderfully arch spokesman Lucas van Praag described the piece as "an hysterical compilation of conspiracy theories," adding: "Notable ones missing are Goldman Sachs as the third shooter [in John F Kennedy's assassination] and faking the first lunar landing."

Very funny. The Rolling Stone article is indeed a horribly unfair arrangement of the facts. In these howls of rage against the way unfettered finance led us into boom and bust, it is always tempting to assume Goldman must be uniquely villainous just because it has been uniquely profitable – but it is illogical to single out any one institution for stoking investment mania that by definition has many, many participants.

It is also not true that the US government's bailout of Wall Street was a matter of Goldmanites at the Treasury handing taxpayer money over to help out a few of their friends in banking. That is an outright misrepresentation of what happened last autumn, and if people start to believe it, we will doom ourselves to one day letting the banking system collapse – at which point we will learn all over again how ensuring the soundness of the banks is vital to keeping an economy out of a slump.

Yet there has been something troubling me about Goldman's response to this little flap, and it is this: the sheer lack of humility.

And speaking of Goldman Sachs' lack of humility:

Goldman Sachs bankers in line for record bonuses

Bankers at Goldman Sachs could be in line for record bonuses as compensation on Wall Street looks set to rebound in spite of problems in the wider economy.

And:

NEW YORK -- The U.S. Justice Department arrested a former Goldman Sachs Group Inc. employee and charged him with stealing computer codes related to the firm's high-speed trading platform.

Sergey Aleynikov, a naturalized U.S. citizen who emigrated from Russia, allegedly unlawfully copied, duplicated, downloaded and transferred computer codes from Goldman Sachs and uploaded the codes to a computer server in Germany, according to a complaint filed by federal prosecutors.

The complaint from the government didn't specifically reference Goldman Sachs. Goldman Sachs was referenced during Saturday's bail hearing, and a person familiar with the matter confirmed that Mr. Aleynikov worked as a computer programmer for the company.

The person familiar with the matter also said, "The theft has had no impact on our clients and no impact on our business."